IL HB4185

Amends the Illinois Municipal Code Section 11-74.4-3.5 to establish completion dates and deadlines for tax increment financing (TIF) redevelopment projects and the retirement of related bonds.

Sets a 23-year completion deadline for most redevelopment projects adopted on or after January 15, 1981, with the deadline being December 31 of the year in which specific tax payments are made.

Provides extended 32-33 year deadlines for specific municipalities including the Village of Downs (32 years) and Village of Wheeling (33 years), and a 28-year deadline for the City of Lawrenceville.

Allows a 35-year completion deadline for redevelopment projects meeting specific criteria, including 109 enumerated municipalities and their designated TIF districts with specific adoption dates listed.

Grants municipalities with certain pre-July 29, 1991 bond issuances the ability to extend completion dates to December 31, 2013 by municipal ordinance, with termination procedures required in 2013.